Fracking, or the fracturing of rocks by pressurized liquids, is a technique used that allows access to previously untapped oil and gas reserves. As a result of utilizing this technology, gas output has risen by one-third since 2005, and oil production has risen by 30% since a recent low in 2008. North Dakota, which is situated above the Bakken oil and gas field, has the lowest unemployment rate among all the states at just 3%. By 2020, IHS economists estimate that total manufacturing production will increase 3.5 percent thanks to lowered energy costs.
These benefits, however, come with a multitude of environmental concerns and criticism. The process involves pumping excessive amounts of pressurized, chemically treated water into shale formations, which may result in the contamination of drinking water. The gaps left in the rocks leave methane gas free to escape from underground, contributing to the issue of global warming. Many people condemn the process as a pursuit for economic profit with a complete disregard of the environmental and social repercussions. Studies have shown that for businesses, there is a strong correlation between having a strong code of ethics, and being an admired company. If a company wants to be viewed in a positive light, ethical behavior can drastically skew the consumer’s opinion.
Sources:
http://www.energyandcapital.com/articles/bringing-fracking-to-the-uk/4011
http://www.bnd.com/2013/11/16/2907405/will-fracking-bring-jobs-or-environmental.html
http://www.theguardian.com/business/2003/apr/20/globalisation.corporateaccountability